The Global Cryogenic Valves Market Size is valued at 4.0 billion in 2023 and is predicted to reach 6.5 billion by the year 2031 at a 6.45% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The demand for automation is increasing as manufacturers focus on improving operational performance, pushing the market for automation valves and outperforming traditional valves.
- Growing demand from the chemical industry is projected to increase the cryogenic valves market in the coming years.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Concerns about the safety of liquefied gas operations are likely to impede market growth.
The valves known as cryogenic valves are explicitly made to handle cryogenic fluids. These fluids may be extremely cold, which could lead to the freezing or malfunctioning of ordinary valves. Stainless steel or nickel alloys, which can tolerate extremely low temperatures, are frequently used to create cryogenic valves. They are additionally covered in specific insulating or coatings that shield them from the cold.
The global cryogenic valve market growth is anticipated to increase due to the rising usage of cryogenic valves in various end-user industries, including the food and beverage, chemical, and pharmaceutical sectors, and expanding prospects in transportation, LNG, and CNG. One of the major factors propelling the cryogenic valve market is the growth of investments in the LNG industry.
Additionally, cryogenic valve market expansion is predicted to be aided by the increasing demand for Floating Production, Storage, and Offloading (FPSO) containers. Moreover, the worldwide cryogenic valve market expansion is constrained by metal price fluctuations. The worldwide cryogenic valve market has major possibilities due to rising demand from the chemical and energy sectors. The worldwide cryogenic valve market faces challenges from operational safety involving liquid gas and high operating and preservation costs.
Key Developments:
- In Feb 2023, Flowserve Corporation and Velan Inc. announced the signing of a formal agreement that will result in Flowserve's acquisition of Velan. Velan brings considerable value to Flowserve's current valves portfolio and bolsters Flowserve's existing assets with the acquisition of Velan's renowned brands, solid legacy, and technical competence in broad end markets.
Competitive Landscape:
Some of the cryogenic valves market players are:
- ACME Cryogenics (U.S.)
- BAC (Spain)
- Baker Hughes (U.S.)
- Bray International (U.S.)
- Cryocomp (U.S.)
- Cryostar GmbH (France)
- Emerson Electric Co. (U.S.)
- Flowserve Corporation (US)
- Habonim (Israel)
- Herose Gmbh (Germany)
- KITZ Corporation (Japan)
- L&T Valves Limited (India)
- Neles Corp. (Finland)
- Parker Hannifin Corp (US)
- Phpk Technologies (U.S.)
- Powell Valves (US)
- Schlumberger (US)
- The Weir Group PLC (UK)
- Valco Group (France)
- Velan Inc (Canada)
- Weir Group (Scotland)
Market Segmentation:
The cryogenic valve market is segmented by application, type, gas and end user. Based on application, the market is segregated as tanks & cold boxes, liquefiers, transfer lines, manifolds & gas trains. By type, the market is segmented into globe valve, gate valve, check valve, bail value, etc. Based on gas, the market is segmented as long, oxygen, nitrogen and others. Based on end users, the market is segregated as energy & power, chemicals, food & beverage, healthcare and others.
Based On Application, The Energy & Power Segment Is A Major Contributor To The Cryogenic Valves Market
The energy & power category is expected to hold a major share of the global cryogenic valves market in 2021. Biological tissues, such as blood, organs, and tissue samples, are at risk when transported or stored at high temperatures. Cryogenics entails using cold weather to preserve these tissues. The technique's capacity to lower cell oxygen intake, which enables long-term storage without harm or degradation over a longer time, has made it widely employed in medical science for preservation purposes. Cryogenic valves are widely used, notably in the brewing and bottling sectors of the food and drink processing industries.
The Gate Value Segment Witnessed Growth At A Rapid Rate
The gate value segment is projected to grow rapidly in the global cryogenic valve market. A gate valve, commonly called a sluice valve, opens by raising a round or rectangular gate or ledge above the fluid's flow channel. The sealing surfaces between both gate and seats on the same plane make a gate valve stand out. A rising stem (the portion of the valve to which the handwheel is attached) and a non-rising handwheel are further qualities of a gate valve. When a gate valve is entirely opened, the platter is completely withdrawn. A gate valve can be used for on/off applications. However, it should not be utilized for repeated operation or throttling as this could result in seat erosion.
The North America, Cryogenic Valves Market, Holds A Significant Regional Revenue Share
The North American cryogenic valve market is expected to register the highest market share in revenue soon. The creation of regional revenue has been a result of economic growth and significant infrastructural development. Moreover, local production, import and export, and consumption patterns have aided market participants in identifying and seizing opportunities. Also, the qualitative and quantitative aspects included in the study with in-depth analysis emphasize the market's motivating and inhibiting elements. In addition, Asia Pacific is projected to grow rapidly in the global cryogenic valves market due to growing environmental concerns, rapid industrialization, government initiatives, and increasing funding in various industries.
Cryogenic Valves Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 4.0 Bn |
|
Revenue forecast in 2031 |
USD 6.5 Bn |
|
Growth rate CAGR |
CAGR of 6.45% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Application, Type, Gas And End User |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Flowserve Corporation., HEROSE GMBH, Emerson Electric Co, Samson Controls Inc, Confab, Inc, Halonium Industrial Valves & Actuators Ltd, Powell Valves and Others. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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